Coming October 30 courtesy of Sega and the resurrected Tecnosoft:
http://thunderforce.sega.jp/
http://www.tecnosoft.com/
http://news.dengeki.com/elem/000/000/092/92406/
At first I thought it looked ass, but then I saw the trailer and changed my mind. I mean it still looks ass, but it sure is fast and smooth in motion, loads of shit is happening, etc. Feels really old-school too. I've only really played the second and third games, so I've no idea what happened to the series afterwards. I hear IV is the best shooter on the Mega Drive (Rob from Shmups thinks so...), so I might try that in the meantime.
Trailer 1 (12 MB)
I'll say it's an interesting choice of console, though. I guess such low-budget graphics would have seemed even MORE out of place on anything more powerful.